Gold, silver prices hit all-time high in India: Check rates
Gold and silver prices hit all-time highs on the Multi Commodity Exchange (MCX) this Monday.
Gold jumped to ₹1,04,883 per 10gm and silver reached ₹1,24,100 per kg.
The main reasons? Hints of a US Fed rate cut and a weaker rupee making imports pricier.
Why are gold, silver prices skyrocketing?
If you're into investing or just curious about what drives these spikes, here's the scoop:
When the US Federal Reserve is expected to cut rates—like the 25 basis-point drop analysts are predicting this month—people flock to safe bets like gold and silver.
Plus, with the rupee falling to ₹88.26 per dollar, getting these metals into India costs more, which pushes up prices even further.
Global factors at play
It's not just local factors. Globally, gold futures topped above $3,500 per troy ounce and silver crossed $40 for the first time since 2011—a sign of strong worldwide demand.
A recent US appeals court ruling deeming most of Trump's tariffs illegal weighed on the US dollar and contributed to gold's rise.
And in India, higher import duties are adding extra pressure on prices right now.